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Cryptocurrency (Bitcoin, Etherium, Litecoin, Potcoin, etc..) for use in Cannabis Industry?

More and more I’m hearing news about Bitcoin, Ethereum, and Litecoin. I’ve come across a few cryptocurrencies relating to the cannabis industry in particular, which I’ll link at the bottom of this post.

The goal of this post is to see whether anyone out there either on the dispensary side or wholesale market side has ever considered doing any business with any cryptocurrencies? Does anyone believe they’d be a good alternative to some of the banking issues the cannabis industry is dealing with?

As a heads up, I’m a little intrigued by cryptocurrency. We just started accepting it on our growing equipment website, growershouse.com. That said, some of our partners are a little hesitant to hold Bitcoin so we’re using a payment processor (Bitpay) to process the payments and convert them to USD within a couple business days and automatically deposit them into our bank account.

Some examples of cannabis focused cryptocurrencies:

  1. http://www.potcoin.com/

  2. https://paragoncoin.com/login

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You could hypothetically use Cryptoeconomics to create a currency tied directly to production of cannabis (similar to gold).

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That’s cool that growershouse.com is now accepting bitcoin. The one problem I’ve seen discussed is that it’s pairing one industry that’s on the margins with another one that has issues around legality (taxation, money laundering, etc.) Personally I’m all for cryptocurrencies and the way they can solve banking and censorship issues (e.g. Visa not allowing someone like Wikileaks to accept donations).

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Using crypto currencies to purchase in a segment is interesting (GH accepting BTC) but by using microeconomics (digitizing assets) you can create more free market economies and much more secure platforms/apps/systems.

Cannabis would be a fun, very interesting case for gen 2 and 3 crypto.

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Source for the curious

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I remember when Cannabis, it self, was a currency . I’ve paid for meals, drinks, clothes, video games, ect with nugs.

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It can be again

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Only problem is the currency degrades a little too quickly, and it’s on the bulky side. :stuck_out_tongue:

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Ergo, cryptoeconomics. :slight_smile:

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Really proud of your spot on use of the word “ergo”…so rarely is it used effectively. slow clap

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Thanks man <3

English is dope

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Weed is def still a currency.

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